[South Korea Proposes Legislation to Freeze Cryptocurrency Accounts Suspected of Illegal Transfers] According to Digital Asset, on July 28, 15 members of South Korea's People Power Party, including lawmaker Kim Sang-hoon, proposed an amendment to the 'Specific Financial Information Act,' allowing financial authorities to request the suspension of payments for virtual asset accounts suspected of being used for illegal asset transfers. The amendment defines 'account' as a unique identification number provided by exchanges to users. The Financial Intelligence Unit (FIU) can request a 30-day payment suspension for accounts deemed suspicious, with a one-time extension allowed. Non-compliance may result in fines of up to 100 million KRW. The bill will take effect six months after its announcement.